Cebu Pacific sets P42 billion capital expenditure for 2023


Posted at Jan 26 2023 02:11 PM

MANILA -Cebu Pacific Air on Thursday said it has allocated P42 billion for its capital expenditure for 2023.

"Most of which will be used for aircraft-related expenses," the airline said in a disclosure to the stock exchange.

On Jan. 3, the Gokongwei-led carrier said it has received a new Airbus A320neo. The aircraft is the first of the 10 expected brand-new Airbus NEO deliveries for the year, which include 3 A320neo, 4 A321neo and 4 A33neo, the airline earlier said. 

Cebu Pacific on Wednesday said it aims to restore 100 percent of its pre-pandemic capacity in March. 

Its President and Chief Commercial Officer Xander Lao was quoted saying the airline hopes for a full-year net income. Cebu Pacific said the first quarter, particularly January "is traditionally strong for airlines throughout the world."

"For the first quarter of 2023, CEB aims to be profitable but it depends on a lot of factors, including fuel prices which have come up again," the statement said.

When asked about the losses during the New Year air traffic management glitch that grounded planes in the entire Philippine airspace, Lao said the estimated losses was around P100 million for all Philippine carriers.

Cebu Pacific in November reported that it has trimmed its net loss as revenues soared 419 percent to P16.9 billion in the third quarter of 2022.


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